Vertical Group cut shares of Snap (NYSE:SNAP) from a mixed rating to a negative rating in a research report released on Thursday morning, BenzingaRatingsTable reports.
A number of other research firms have also issued reports on SNAP. Zacks Investment Research upgraded shares of Snap from a hold rating to a buy rating and set a $13.00 price objective on the stock in a research note on Monday, April 8th. Royal Bank of Canada upgraded shares of Snap from a sector perform rating to an outperform rating and lifted their price target for the stock from $10.00 to $17.00 in a research note on Friday, April 5th. Deutsche Bank lifted their price target on shares of Snap from $10.00 to $13.00 and gave the stock a hold rating in a research note on Friday, April 5th. Morgan Stanley lifted their price target on shares of Snap from $5.50 to $8.50 and gave the stock an underweight rating in a research note on Tuesday, April 16th. Finally, Wedbush lowered shares of Snap from an outperform rating to a neutral rating and set a $12.25 price target for the company. in a research note on Thursday. Four analysts have rated the stock with a sell rating, twenty-four have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $9.53.
SNAP opened at $11.67 on Thursday. Snap has a 52-week low of $4.82 and a 52-week high of $15.96.
Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, February 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.15. The company had revenue of $389.82 million for the quarter, compared to analyst estimates of $378.90 million. Snap had a negative net margin of 106.39% and a negative return on equity of 46.90%. The business’s quarterly revenue was up 36.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.13) earnings per share. On average, equities research analysts forecast that Snap will post -0.68 earnings per share for the current year.
In other Snap news, CFO Lara Sweet sold 22,818 shares of Snap stock in a transaction on Friday, April 5th. The shares were sold at an average price of $12.00, for a total value of $273,816.00. Following the completion of the transaction, the chief financial officer now owns 642,690 shares of the company’s stock, valued at $7,712,280. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Jerry James Hunter sold 166,646 shares of Snap stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $9.24, for a total transaction of $1,539,809.04. Following the completion of the transaction, the vice president now directly owns 1,793,593 shares of the company’s stock, valued at approximately $16,572,799.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,643,476 shares of company stock valued at $66,573,374.
A number of institutional investors have recently added to or reduced their stakes in the business. TCI Wealth Advisors Inc. boosted its holdings in Snap by 70.0% in the first quarter. TCI Wealth Advisors Inc. now owns 3,400 shares of the company’s stock worth $37,000 after purchasing an additional 1,400 shares during the period. Stratos Wealth Partners LTD. boosted its holdings in Snap by 13.0% in the fourth quarter. Stratos Wealth Partners LTD. now owns 14,458 shares of the company’s stock worth $80,000 after purchasing an additional 1,665 shares during the period. FNY Investment Advisers LLC boosted its holdings in Snap by 306.5% in the fourth quarter. FNY Investment Advisers LLC now owns 5,000 shares of the company’s stock worth $27,000 after purchasing an additional 3,770 shares during the period. Edge Wealth Management LLC boosted its holdings in shares of Snap by 1,173.7% during the fourth quarter. Edge Wealth Management LLC now owns 5,426 shares of the company’s stock valued at $30,000 after acquiring an additional 5,000 shares during the period. Finally, United Services Automobile Association boosted its holdings in shares of Snap by 5.7% during the fourth quarter. United Services Automobile Association now owns 106,320 shares of the company’s stock valued at $586,000 after acquiring an additional 5,746 shares during the period. 23.31% of the stock is owned by hedge funds and other institutional investors.
Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.
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